IMB Bank has completed its merger with a Newcastle-headquartered credit union, after the prudential regulator gave the deal the green light.
IMB chief executive Robert Ryan confirmed the transfer of Hunter United Employees Credit Union to the bank had taken place and said that in the coming months, the credit union will operate locally under its own brand as a division of IMB.
With the amalgamation signed off, Hunter United chair Jann Gardner has joined the IMB board as an additional director.
IMB and Hunter United noted there will be no change to either of their members’ current banking arrangements until the two businesses are integrated over the coming year.
“The merger was overwhelmingly supported by Hunter United members and we are pleased that it strengthens our ties with the Newcastle-Hunter community and increases our distribution capability,” Mr Ryan said.
“The merger will allow Hunter United to better meet the challenges of increased competition in the banking sector and the increasing costs of operating and responding to regulatory change.”
He added members of the credit union will benefit from an expanded range of products, as well as longer contact centre opening hours, access to small business banking services, improved rates on a range of loan and deposit products, enhanced digital payment technology, improved mobile and internet banking security, and the removal of a number of account fees.
He also reported Hunter United employees will have access to more career opportunities, with all staff to be kept through the merger.
Further, Mr Ryan commented: “Importantly, we also look forward to expanding our community programs and investment, including through the IMB Bank Community Foundation, in the Hunter region.”
IMB has operated for 140 years. Both companies are customer-owned banks.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].